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+--- Thread: Madison MoneySports - Personal Finance Thread (/showthread.php?tid=11501)
RE: Madison MoneySports - Personal Finance Thread - D_Eclipse9916 - 02-26-2019
(02-26-2019, 12:55 PM)Apoc Wrote:(02-26-2019, 12:45 PM)Kaan Wrote: your order of operations in correct (401k, HSA, Roth, back to 401k)... its all going to depend on employer contributions
I agree with this for most people. Mine looks different because my employer matches all 401k contributions (at 50%) up to IRS max and I'm not eligible for Roth.
Baller!
We fall under it now that the wife has pulled back. I am betting on taxes going higher and that our income with very little write-offs at retirement will continue based on my estimates. We each max the $18.5k (now $19k and this max doesnt include your work matching) into our 401k Roth, then each max out our personal Roths $5,500 (Now $6k). Remember it's AGI, not your gross income so include your deductions to try to get under if you are borderline.
It's really a shame our employers (fed gov and Deloitte) dont offer much in matching like you get, as that would be a huge benefit to us. I get a laughable pension, and 1.5% matching on 401k; Jess gets a slightly better pension but nothing like her mom and dad and I think 4% or 5% match.
We don't use HSA, because we do not use a high-deductible health plan.
RE: Madison MoneySports - Personal Finance Thread - .RJ - 02-26-2019
I max out my 401k w/ employer match and then put a chunk every month into my betterment account - am I leaving money on the table?
RE: Madison MoneySports - Personal Finance Thread - Sijray21 - 02-26-2019
(02-26-2019, 01:52 PM).RJ Wrote: I max out my 401k w/ employer match and then put a chunk every month into my betterment account - am I leaving money on the table?Yes, I'll dm you the account. Send extra funds to me.
RE: Madison MoneySports - Personal Finance Thread - .RJ - 02-26-2019
Are you a nigerian prince
RE: Madison MoneySports - Personal Finance Thread - D_Eclipse9916 - 02-26-2019
(02-26-2019, 01:52 PM).RJ Wrote: I max out my 401k w/ employer match and then put a chunk every month into my betterment account - am I leaving money on the table?
Work 401k in either Traditional or Roth: $19k (if you have let's say 2% employer match on $100k for simple sake, total of $21k) per person
Personal IRA in either traditional or Roth: $6k per person
I know you are married, so you could be putting $50k of your post-tax income a year into retirement accounts that will never be taxed on principal or interest.
Note that if you have other investments that aren't tax sheltered and "cant afford" to put $50k in of your work pay; increase your contribution to the amount between your balance and your investments and use that as your "pay" to make up for your reduced paycheck.
Roth only available if you make less than $203k married (there is a percentage basis if you are over $193k). Based on AGI, not your "gross income". Even if you do make more, you can backdoor your way into it.
HSA is only available on certain insurance plans.
RE: Madison MoneySports - Personal Finance Thread - Apoc - 02-26-2019
(02-26-2019, 01:45 PM)Kaan Wrote: We are bouncing REALLY close to not being eligible.... That's going to mean a shift in where I put my money for retirement. I'm not looking forward to that decision... math says 2020 I'm making a change. Do I just put it in a regular IRA? Do I cash save it and buy Kaantucky level of acreage?
My Roth is kind of just bonus money for retirement in my overall math (I think).
I put extra monies into post-tax funds, so I can access it for emergencies, down payment, etc. without paying the IRA 10% penalty. If you know you aren't going to need it, then I think IRA is the answer.
(02-26-2019, 01:52 PM)D_Eclipse9916 Wrote: It's really a shame our employers (fed gov and Deloitte) dont offer much in matching like you get, as that would be a huge benefit to us. I get a laughable pension, and 1.5% matching on 401k; Jess gets a slightly better pension but nothing like her mom and dad and I think 4% or 5% match.
Amazon only matched 50% of first 4% of base salary... and my base salary was 50% of my income. With their base salary caps, the most matching anyone could ever get from them in a year was $3200. For Google, the max match is based on IRS cap, so $9500. There are a lot of reasons I switched companies and an extra $6000 tax free isn't anything to sneeze at.
RE: Madison MoneySports - Personal Finance Thread - D_Eclipse9916 - 02-26-2019
(02-26-2019, 02:30 PM)Apoc Wrote:(02-26-2019, 01:45 PM)Kaan Wrote: We are bouncing REALLY close to not being eligible.... That's going to mean a shift in where I put my money for retirement. I'm not looking forward to that decision... math says 2020 I'm making a change. Do I just put it in a regular IRA? Do I cash save it and buy Kaantucky level of acreage?
My Roth is kind of just bonus money for retirement in my overall math (I think).
I put extra monies into post-tax funds, so I can access it for emergencies, down payment, etc. without paying the IRA 10% penalty. If you know you aren't going to need it, then I think IRA is the answer.
(02-26-2019, 01:52 PM)D_Eclipse9916 Wrote: It's really a shame our employers (fed gov and Deloitte) dont offer much in matching like you get, as that would be a huge benefit to us. I get a laughable pension, and 1.5% matching on 401k; Jess gets a slightly better pension but nothing like her mom and dad and I think 4% or 5% match.
Amazon only matched 50% of first 4% of base salary... and my base salary was 50% of my income. With their base salary caps, the most matching anyone could ever get from them in a year was $3200. For Google, the max match is based on IRS cap, so $9500. There are a lot of reasons I switched companies and an extra $6000 tax free isn't anything to sneeze at.
I need dat Google income/retirement....
RE: Madison MoneySports - Personal Finance Thread - V1GiLaNtE - 02-27-2019
CapTech does 100% match up to 3% and then 50% for 3-5%.
Light years ahead of Deloitte. I got my pension info from them which I figure is enough to have a nice little "Fuck You Deloitte" dinner for myself once a month during retirement.
RE: Madison MoneySports - Personal Finance Thread - D_Eclipse9916 - 02-27-2019
(02-27-2019, 09:14 AM)V1GiLaNtE Wrote: CapTech does 100% match up to 3% and then 50% for 3-5%.
Light years ahead of Deloitte. I got my pension info from them which I figure is enough to have a nice little "Fuck You Deloitte" dinner for myself once a month during retirement.
Hey now, I have been there long enough that I can now take my wife to the "Fuck you Deloitte" dinner too and have a nice bottle of wine. Okay maybe not nice, but A bottle of wine!
It's not a retirement pension for sure, but the benefit isn't too bad. 3% of your salary every year + 3.8% on the balance in your account and that percentage basis goes up the longer you stay. The first 2 years are laughable, but I imagine if you there for 20+ years (HAHAHAHAHHAHAHAHHAHAH), it might be a good chunk of "fill the gas tank of the boat" money.
For example: When I turn 35 (in 3 years), it's 4% of my salary, and when I turn 40, it goes to 5% of my salary (no caps till you hit like $300k of income, which at my current career path will be age 492 (kidding). 5% of my salary plus 3.8% or more of credit on my balance starts to really be a nice advantage. Again, it's really aimed at the guys that stay longer than 5 years.
Madison MoneySports - Personal Finance Thread - Senor_Taylor - 02-27-2019
Pensions? Look at these Mr. fancy pants.
Sent from my Pixel 3 XL using Tapatalk
RE: Madison MoneySports - Personal Finance Thread - V1GiLaNtE - 03-13-2019
I have been thinking about leaving Wells Fargo ever since their recent scandal in the news. Scrolling through my news feed this morning dropped a subtle reminder with their CEO testifying in Congress. What is everyone using for daily checking? I'll keep my Wells Fargo CC since it's one of my longest standing line of credit.
My current financial institution usage:
CCs - Wells Fargo, Chase, Amex, Discover
Checking - Wells Fargo
Savings - Barclays, Navy Federal ($5 minimum balance for the last 4 years for access to loan rates)
RE: Madison MoneySports - Personal Finance Thread - CaptainHenreh - 03-13-2019
(03-13-2019, 08:41 AM)V1GiLaNtE Wrote: I have been thinking about leaving Wells Fargo ever since their recent scandal in the news. Scrolling through my news feed this morning dropped a subtle reminder with their CEO testifying in Congress. What is everyone using for daily checking?
And they helped put kids into cages!
RE: Madison MoneySports - Personal Finance Thread - V1GiLaNtE - 03-13-2019
(03-13-2019, 08:46 AM)CaptainHenreh Wrote:(03-13-2019, 08:41 AM)V1GiLaNtE Wrote: I have been thinking about leaving Wells Fargo ever since their recent scandal in the news. Scrolling through my news feed this morning dropped a subtle reminder with their CEO testifying in Congress. What is everyone using for daily checking?
And they helped put kids into cages!
Yea I didn't read into that headline fully, but was like DA FUQ?
![[Image: giphy.gif]](https://media.giphy.com/media/26gsalBVQMQ7LoVfG/giphy.gif)
RE: Madison MoneySports - Personal Finance Thread - JPolen01 - 03-13-2019
All of our banking is through PNC right now. Currently holding a Capital One Venture which has been good for travel rewards. With the kid on the way we are scaling back traveling for the next year or so so we are switching to the Citi Double Cash card. No fee with a 2$ reward on everything (1% on purchase and 1% when you pay it off). We never carry a balance so we can take advantage of the full 2%.
Does keeping your Wells Fargo card just because you have had it for a long time really matter? Does that affect your credit report? I would think not.
RE: Madison MoneySports - Personal Finance Thread - .RJ - 03-13-2019
(03-13-2019, 08:41 AM)V1GiLaNtE Wrote: Navy Federal ($5 minimum balance for the last 4 years for access to loan rates)
I do all of my stuff through NFCU and if you have an account there I dont know why you are dicking around with anyone else. Just consolidate your shit there and have one less thing to worry about in your life. Done, easy.
Every time I've done a car loan or some other thing through another bank I've regretted it, the service aspect is always atrocious where with NFCU just walk into a branch and they bend over backwards to help you.
RE: Madison MoneySports - Personal Finance Thread - Sijray21 - 03-13-2019
(03-13-2019, 09:00 AM)JPolen01 Wrote: Does keeping your Wells Fargo card just because you have had it for a long time really matter? Does that affect your credit report? I would think not.
It does. Length of credit history and credit utilization are factors to create your credit score. The more good history the better. Credit bureaus are also looking for your balance-to-limit ratio. An example of how closing a credit account could hurt you would be if you had 2 credit card accounts. One had a balance of $8k on a $10k limit and the other had $0 balance on $10k limit; so your ratio is $8k balance on $20k allowed/approved (credit utilization is 40%). If you close that $0 balance account your ratio goes to $8k balance on $10k allowed/approved (credit utilization is 80% - high) which is not good for your credit score.
That being said I've closed one credit card account in the past, but i didn't have any balances on any other credit cards and the account i was closing had an annual fee when i wasn't using the card.
(03-13-2019, 09:03 AM).RJ Wrote:(03-13-2019, 08:41 AM)V1GiLaNtE Wrote: Navy Federal ($5 minimum balance for the last 4 years for access to loan rates)
I do all of my stuff through NFCU and if you have an account there I dont know why you are dicking around with anyone else. Just consolidate your shit there and have one less thing to worry about in your life. Done, easy.
Every time I've done a car loan or some other thing through another bank I've regretted it, the service aspect is always atrocious where with NFCU just walk into a branch and they bend over backwards to help you.
That's what we've done with NWFCU (northwest Federal). Anyone can join that CU and they don't seem their mortgages, which I find nice. The money market rates aren't great, but they're not bad and there's a local branch of I ever need to get to one.
RE: Madison MoneySports - Personal Finance Thread - Jake - 03-13-2019
I moved from a local credit union to Chase for both checking and savings. My primary motivations were that 1) they gave me free money to open the accounts, 2) the branch is a block away from my apartment and 3) their mobile app is really slick. I do have a credit card with them as well, so it makes paying that bill and seeing where most of my money is very easy. The credit union I was using was no longer convenient given my move to Arlington.
I may move my savings away from Chase to a high-yield account with Ally/Discover/etc but haven't had time to really figure out where. Would obviously keep a few grand in Chase to have "right the hell now" but most places can get a transfer done in 24 hours or so + credit cards make it a non issue.
RE: Madison MoneySports - Personal Finance Thread - JPolen01 - 03-13-2019
(03-13-2019, 09:06 AM)Sijray21 Wrote:I guess I should have phrased that better. I realize that opening and closing cards frequently will negatively affect your score. But if you have a card for years on end and then close it for another, will that really affect you? If you have good credit history, you have good credit history.(03-13-2019, 09:00 AM)JPolen01 Wrote: Does keeping your Wells Fargo card just because you have had it for a long time really matter? Does that affect your credit report? I would think not.
It does. Length of credit history is one of the factors to create your fico score. The more good history the better.
Also I refinanced my car through a local credit union (APL Federal Credit Union). It was a fairly simple process. Now I have a checking account with $50 in it and a savings account with $0 and no minimum balance. Got 1.99% for the car loan.
RE: Madison MoneySports - Personal Finance Thread - Sijray21 - 03-13-2019
(03-13-2019, 09:24 AM)JPolen01 Wrote:(03-13-2019, 09:06 AM)Sijray21 Wrote:I guess I should have phrased that better. I realize that opening and closing cards frequently will negatively affect your score. But if you have a card for years on end and then close it for another, will that really affect you? If you have good credit history, you have good credit history.(03-13-2019, 09:00 AM)JPolen01 Wrote: Does keeping your Wells Fargo card just because you have had it for a long time really matter? Does that affect your credit report? I would think not.
It does. Length of credit history is one of the factors to create your fico score. The more good history the better.
Also I refinanced my car through a local credit union (APL Federal Credit Union). It was a fairly simple process. Now I have a checking account with $50 in it and a savings account with $0 and no minimum balance. Got 1.99% for the car loan.
i edited my original post above with more info. i kept thinking i should've added more originally. Canceling an old card doesn't hurt since you already have history with that card by starting it when you did.
RE: Madison MoneySports - Personal Finance Thread - V1GiLaNtE - 03-13-2019
(03-13-2019, 09:00 AM)JPolen01 Wrote: All of our banking is through PNC right now. Currently holding a Capital One Venture which has been good for travel rewards. With the kid on the way we are scaling back traveling for the next year or so so we are switching to the Citi Double Cash card. No fee with a 2$ reward on everything (1% on purchase and 1% when you pay it off). We never carry a balance so we can take advantage of the full 2%.
Does keeping your Wells Fargo card just because you have had it for a long time really matter? Does that affect your credit report? I would think not.
I looked at PNC as they have a nice cash bonus for doing business with them. I checked and yea my Wells Fargo card has been open with them for 6 years. I just put my monthly Adobe Cloud subscription on it but never use it. I've considered churning the Venture card just to get the reward bonus. Super easy to do spending $3k in 3 months for basically $500 in travel. However, Chase has been my go to. I love everything about the Sapphire Preferred.
As for my credit usage I have $3k balance on my Chase, but always pay my cards off in full. My available credit is well north of $70k. In all honesty I would love to just cut WF out of my life entirely (Checking & CC).
(03-13-2019, 09:03 AM).RJ Wrote:(03-13-2019, 08:41 AM)V1GiLaNtE Wrote: Navy Federal ($5 minimum balance for the last 4 years for access to loan rates)
I do all of my stuff through NFCU and if you have an account there I dont know why you are dicking around with anyone else. Just consolidate your shit there and have one less thing to worry about in your life. Done, easy.
Every time I've done a car loan or some other thing through another bank I've regretted it, the service aspect is always atrocious where with NFCU just walk into a branch and they bend over backwards to help you.
That good, huh?